income the first year
Posted By: DLG on 2005-12-21
In Reply to: It's all those matchcover schools telling them they can make - you're right.
So true. I have been saying that for the last two years! All we heard about in class is how much money we could make and how many jobs there were. They forgot to mention that those figures pertained to experienced transcriptionists. I just completed my first year working for a local practice and will probably make about $10,000 after countless hours in front of the computer. The truth is you go to school for a year or two, and when you get out, you will continue to be schooling for quite some time. It's several years of investment to actually start earning a real income. I am just ready now to feel confident about taking on additional work, and my goal is to double what I did this year by this time next year. More would be great, BUT I have learned to be realistic. I wish the schools would be honest about the investment involved. I like what I am doing, and I feel like I am at a crossroads where I am choosing to continue to go forward, but it's been hard to hang on financially to get to this point. I have other work that I do that I actually thought I would have been in a position to give up quickly after school. Students should be given a realistic picture of the time and investment involved, so they can make an educated decision about going forward with the course. But, I doubt that will happen. I think enrollment would drop substantially.
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60-thou a year is lower middle income if -
:(
It's not very good. I sold Avon for a year to supplement my MT income
and I didn't make squat. They are the worst. They shorted at least half my orders, you have to pay to ship back items that customers stiff you on. MT is better than selling Avon.
No outside income
I do support myself and my child on my MT pay only. I work for a wonderful company, which I will not name because a lot of people on here always have bad comments to make about them, paid by the gross line and can do about 2600 lines in 6 hours. It is just a matter of finding the right company and, for me, having the right attitude. I know comments are going to be made that no one can produce that many lines in 6 hours but remember, they are gross so you have to take away 25-30% of the total line for cpl.
income
I have not made that little of money since the first year I got started doing MT. You consider that good money??? If I made anything close to under $30 an hour I would consider it a very bad production day... I am not trying to brag either. I am just amazed that in this day and age and for what we have to deal with day in and day out, that $24 is good money.
My income is way, way down
due to lack of work, and I see so many people in management resigning and I am worried.
MT IS THE ONLY JOB WHERE INCOME...SM
decreases on a yearly basis, as opposed to other industries where your salary is supposed to increase with each year of experience.
Umm, sales tax is different from income tax
sales tax is a tax added onto goods sold. Income tax, Social Security, Self-Employment tax is different from sales tax.
Six figure income??? sm
 Billers and Coders post says six figure income......yea, right!!! Same post several times.......looks suspicious to me. Maybe if you owned the company, you could get six figures....
60K middle income?
Heck, I work for a small community hosp as employee making $35K, which is middle income in rural WI.
Isn't there an income limit that you
can make and after that you have to pay in?
My gram worked after she started drawing, and I'm pretty sure there are income limits on this kind of thing.
did you mean to say state income tax instead of sales tax?
taxes for the people who live in those states. I believe all other states require income tax to be withheld for the state it is earned in IF the employer meets the qualifications of the employee's state of residence.
Another good reason to ask a tax specialist.
Never mind. I see that they don't as Florida has no income tax. nm
s
Average annual income!
They all have lines and Keystrokes and little formulas but the average annual income tells it all.
Take out 25% of your gross income every week. sm
As an IC, your tax base is usually 25-30% of your gross income. That should cover all taxes, including state, Federal, and FICA.
Been an IC for 20 years now.
Do you have a second income or can you live on what you make?
I can't live on 2K a month. If that is what you are making, then it is not enough for most of us. Hope you are making more, though since it would give me hope.
You are 100% correct, my income is "extra"
therefore I am in a position that allowed me to decline a job that doesn't work out for me. That is not a slap in the face to you! I hope you were not accusing me of not caring for others because I declined a job. They can have it, I declined, remember? People are really getting off the point here.
my first year I made 16k. Doubled that second year. Going on year 6 with (sm)
two local accounts I earned 23,000.00 and a national I earned 35,400... 58,400 this year. Don't ask me how many hours, though, I really have no idea. I'm pretty motivated. (When people ask me how many hours I work a week I reply as many as it takes I'd say 40-50/week. I am also a fitness instructer and personal trainer, about 5 hours a week or so. Decent money (sometimes under the table!) but mostly I just do it for fun and to be social and wear cute work-out clothes.
that first year was a rough one... but I consider it part of my education.
I'm pretty motivated.
Not correct. I have to report the income of my ICs to the IRS. I need either a SS# or a tax payer
ID#, the ICs choice, but that income has to be reported somehow. I am sure not going to claim it as my income.
I left Amphion for TT and doubled my income
Yes!!!!!!!!!!!!!!!
You file a Schedule SE on your profit income.
and you pay social security and medicare tax . While you have to pay the full amount on the social security tax and medicare you can deduct half that amount to your adjusted gross. I really need to find out more about this because if I have been paying too much on my social security tax I really want to know. Does anyone else know about this? Are there any IC contractors who are not paying social security tax or only paying 7% as you would as an employee and not an independent? Perhaps it has to do with how you set yourself up. Thanks for any info....
How is workload at Futurenet and income potential? sm
I will soon be starting with Futurenet and I wanted to hear from some of the current Futurenet MTs. Thanks for all the information. You may e-mail me privately if you wish.
Do you find that you are able to earn a good income with them?
Do you have ample work, or do you often have to resort to MT work to fill the time?
I wasn't bragging about a 2 income household
I was simply pointing out that the MT profession is not the only ones who are taking paycuts. Wow! It seems every post is picked apart here! 
I have to. Hubby is unemployed and it's our only income right now...can't survive on unemploym
x
But still, sales tax has not bearing on State tax or Income Tax. Big difference! nm
x
I just filed 2007 taxes for gross income of $52,341.
NM
YOG before MQ -- lots of work and good income back then. nm
xxx
Another Crushed United States Income Source
x
Dont you just love how these offices screw around with your income. It is very annoying and I
sometimes wonder if they get the full implication of what they are doing to our paychecks because they are stupid enough to believe you can do all hospitals exactly the same which of course you cant.
These people making combined income of over $100,0000 crack me up! sm
They act like it is petty cash. Then again, maybe it is to them, but I sure would like a chance to have that kind of money.
Just marry a guy who has a great income, that was my solution, who wants to work that hard!!
//
You have no idea what you are talking about. My income tax return says I am making a good living
:+
I love MT, but I am also so glad hubby has steady income and excellent benefits!
He retired with 20 years in the air force and has a retirement check from that, as well as standard and very basic benefits that we can use without paying a whole lot. He has worked full time since retiring from the air force (he was 40 when he got his 20) with excellent pay and awesome benefits that we pay a very low premium for. I used to make excellent cash as an MT when being paid on a gross line, but now I make maybe 20K a year with no benefits of any kind from my job. Now my income just supplements his and is for the extras we enjoy.
This job is only good for extra pin money for people that have other regular income coming in.
It may end up being a good job for people that are experienced and on social security and have other investments now for some extra money. Would never want to have it to pay all bills. No way.
Last year, there was a letter sent that told us what we earned the previous year. sm
In the past, it has been all or nothing; if you did not hit the lines for full time for the year, you did not get PTO. I talked to my lead this morning about a last-minute vacation and she told me that the yearly packets are going out in a week or so and that the new policy will acrue PTO by the pay period or month. I like that a lot better, but she also made it sound like they are upping the amount of lines needed to acrue PTO. I normally get between 15 and 20,000 lines per pay period, so I am sure that will be fine but I am worried about the periods that have lower volumes, like most of January every year.
Webmedx lets you carry them from year to year sm
You can accrue up to 140 hours (I think) before you stop the accrual process. Don't have to use it all in one year.
I would stick it out, most places are slow now through the end of the year every year (nm)
x
Last year $36K part time, going to make more this year full time BUT sm
I AGREE it IS getting harder to make money. I used to make $24 very part time 10 years ago and now...well it is Word and platforms versus WP5.1. I got 7.5 cents a byte line then and I get 9.5 cents a character line now. That IS a huge different in point of fact.
OH I WANT MY WORDPERFECT 5.1 BACK!!!!! Bwaaah!
Have been with them for over a year...sm
and have no complaints. Pay is always on time and they have direct deposit. I have rarely ran out of work on my main account, but when I do I have a backup account to work on. There are incentives offered often as well. I don't see a high turnover rate...the reason they are hiring new MTs is because they have new accounts. Good luck in your job search!
Been on it for over a year and
still struggling. My lines went from 1,500 to 2,000 a day down to 800 to 1,000 if I am lucky. Still haven't found the courage to quit :(
Yes, they were. This year and I believe one other year. nm
Last year
Last year when I worked there I live in Texas and had BCBS of Tennessee through them since they are located in TN. Just FYI. Good luck!
Well over a year..nm
xx
first year pay
I was lucky to make 15000 the first year.
I am making it now but hard in the beginning.
Wow, a year?
 That's great!! I know of one that is $3000.00! You have a great deal there.
Been with them almost a year
I've been with SPI/Cymed for almost a year (at the beginning of March) and the benefits seem to be okay, but I have never had to use them. When I first started with them last March, it was still just Cymed. I did hear that since they merged with SPI that the benefits were supposed to be less expensive when they go to get them again this year.
No, it's DURING second year (after 1)
nm
From 1 year ago...
Left because of having little to know work. Seems like they way overhired. They might do better now as I am seeing more than just clinic work
It's over a year old.
nm
Been with them over 1 year now - sm
as a statutory employee. I would say scheduling is flexible depending on your account and what you and your manager work out. They have been an excellent company to work for and the people there are terrific. If you need support they are right there with you and if you don't they don't bug you and let you run. Their pay is very comparable and always on time. I plan on retiring with this company!
year-old
{Bksp}-year-old
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